Buying a property in Abidjan: a complete guide

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Yes, the analysis of Abidjan's property market is included in our pack

Considering buying real estate in Abidjan? You're not alone!

Many individuals are enchanted by Abidjan's vibrant culture and dream of owning a charming villa or a stylish apartment in this bustling Ivorian city.

Is it financially viable, though? Are property prices increasing in Abidjan? What is the price per sqm? Should you consider investing in Plateau or Cocody? What are the taxes? What yields can I expect?

We have the answers.

At TheAfricanvestor, we've really dug into this market. Actually, we've gathered all our findings in a pack. Get it now.

In this article, we're happy to share useful information with you.

How is the property market in Abidjan?

Is the property market doing well or poorly? People disagree. Instead of listening to opinions, we prefer to look at data and stats to find the real answers.

Property types

In Abidjan, there are various types of properties available for sale, catering to different preferences and needs.

These include apartments, suitable for individuals or small families, often found in multi-story buildings with amenities like elevators; houses, ranging from cozy single-family homes to larger ones with more space and potential for gardens; and commercial properties like shops or offices, ideal for business ventures.

Additionally, you can find properties in different neighborhoods, each with its own character and features, offering a diverse range of choices for potential buyers in Abidjan's real estate market.

Better to buy or rent?

(If you're purchasing for personal use and not for renting)

Whether you're considering settling in Abidjan or already living there, you might be thinking about the pros and cons of buying versus renting a property in this vibrant Ivorian city.

Without a doubt, it's better to buy if you want to invest in a long-term asset that can appreciate in value over time.

To make a good decision, consider the property price-to-rent ratio. It's a simple way to gauge the impact of rental earnings on covering the property's cost.

According to Numbeo, the property price-to-rent ratio in Abidjan is around 12.55, which is quite low.

Simply put, on average, you could buy a property with just 13 years' worth of rental payments. Worth buying.

Property prices in Abidjan

On average, according to the last data from National Institute of Statistics (INS), purchasing a property in Abidjan would cost you around $1,610 per square meter.

It's just an average. The value of a square meter for a modern apartment in Abidjan might differ from a suburban house in Cocody. We actually offer a more in-depth analysis in our pack for buying property in Abidjan and in Ivory Coast.

To put things in perspective, it is 12 times less (yes, you read it correctly) than the property prices in the center of New York.

However, housing prices in Abidjan are slightly higher (6%) than in Accra.

The most expensive neighbourhoods in Abidjan are probably Cocody, Deux Plateaux, and Riviera, while the cheapest are likely Yopougon and Koumassi.

Trends

First and foremost, we have to acknowledge that Ivory Coast is, as of now, a vulnerable and fragile country. The last Fragile State Index that has been reported for this place is 89.6.

This is important to remember when wondering if it's a good investment to buy a property in Abidjan.

If we look at more data, we can see that, according to the IMF’s forecasts, Ivory Coast's economy is expected to soar by 29.1% in the coming 5 years, resulting in an average GDP growth rate of 5.8%.

If you intend to invest in real estate in Abidjan it's a good thing because a growing economy usually means people earn more, so they can buy property for themselves or as an investment, causing property demand (and then prices) to increase.

Also, in Ivory Coast, the average GDP per capita has changed by 12.1% over the last 5 years. It is well above the average seen worldwide.

This is a strong positive signal: housing prices in Abidjan might become more expensive in 2024 and later on.

Looking for more updated data? We've done a big-picture study to find out if it's a good idea to purchase property in Ivory Coast right now.

Buying property in Abidjan

Buying real estate in Abidjan can be difficult due to the lack of reliable and up-to-date information available. That's why we have created the pack to buy property in Abidjan and in Ivory Coast.

Buying process

In the pack of documents we have built, we've covered everything about buying a property, from the contacts you'll need to the taxes that need to be paid, and even where to look for available properties.

Now, we're presenting a simpler version to make it easier for you to understand and follow along.

This is the step-by-step process to purchase a property in Abidjan:

1. Research property market and ownership laws in Abidjan.
2. Engage a local real estate agent familiar with Abidjan's regulations.
3. Choose properties that fit Abidjan's urban or suburban lifestyle.
4. Conduct property inspections, considering the city's climate and infrastructure.
5. Verify the "Attestation de Propriété" (property ownership certificate) and "Livret Foncier" (land register).
6. Negotiate the purchase price, considering Abidjan's property market trends.
7. Sign a preliminary sales agreement, known as "Compromis de Vente."
8. Obtain a "Plan Cadastral" (cadastral plan) and property survey.
9. Secure financing, if needed, through local banks familiar with Abidjan's property transactions.
10. Sign the final sales agreement, "Acte Authentique," in the presence of a notary.
11. Pay registration and transfer fees at the "Service de la Conservation Foncière."
12. Register the property in your name at the "Centre des Titres Fonciers" to complete the acquisition process in Abidjan.

Also, if you're not from the country, you might want to check our article on how to buy property as a foreigner in Ivory Coast.

Make a profitable investment in Abidjan

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Where to find a property

Find properties in Abidjan through these websites:

• Spiti24 - Connect with real estate agents in Ivory Coast by area. View agent profiles and easily contact them for property searches.
• Realigro - Real estate search engine for properties in Ivory Coast. Listings include properties for sale, rent, and holiday rentals.
• Housesaround - Platform providing listings of houses for sale in Ivory Coast.
• Aici - AICI Abidjan is a real estate company offering services for buying, selling, renting, and managing rental properties in Abidjan, Ivory Coast.
• Expat - Expat.com offers various houses for sale options in Ivory Coast, including locations like Cocody, Bingerville, and Abidjan.

Also, know that we have included contacts of real estate agencies, property lawyers, moving companies, expats communities and more in our pack for buying property in Ivory Coast.

Which properties for which budget?

As mentioned before, the average price per sqm in Abidjan is $1,610. A one-bedroom property with an area of 60 square meters would cost approximately $97,000, while a two-bedroom with an area of 85 square meters would cost approximately $137,000.

Obviously, property prices will change based on both the property itself and its location.

Prices tend to be higher in the top areas of Abidjan. A house in Cocody might be around $300,000, while a condo in Marcory could cost about $170,000.

Yet, there are places that won't cost you as much. You may find a property in Treichville for $80,000, or a property in Koumassi priced only at $60,000.

Find a more detailed breakdown in our full pack for buying property in Ivory Coast.

Common mistakes

Here are the main pitfalls when buying a property in Abidjan, Ivory Coast:

• Communal land disputes: Confirm the property's status on communal lands to avoid ownership conflicts.
• Unclear inheritance laws: Understand local inheritance regulations, as they can affect property transfer.
• Unauthorized constructions: Verify that the property complies with zoning laws and isn't illegally built.
• Land tenure complexities: Be aware of customary land tenure practices and potential challenges they present.
• Utility service availability: Check for reliable access to water, electricity, and other essential services.
• Bureaucratic delays: Expect administrative processes to take longer than anticipated.
• Encroachments and boundary issues: Ensure clear demarcation and resolve any encroachment concerns.
• Limited infrastructure: Assess the area's infrastructure development and potential impact on property value.

We don't want this to happen to you, so we have included a full checklist for your property investment in our pack of documents. Avoid these mistakes and save a lot of money.

Everything you need to know is included in our Ivory Coast Property Pack

Living in Abidjan

Living in Abidjan is a vibrant and exciting experience, offering a variety of cultural activities and opportunities to own property in a beautiful and diverse city.

Cost of living

The cost of living in Abidjan is generally quite affordable, with basic goods and services being relatively cheap. However, the cost of rent and luxury goods is higher than in many other African cities.

Here are some examples to better understand the cost of living in Abidjan, Ivory Coast:

• Bissap (hibiscus drink): $1 at a local market.
• Rent for a one-bedroom apartment in Cocody neighborhood: $800/month.
• Pounded yam with egusi soup (Ivorian dish) for two at a local eatery: $30.
• 1.5-liter bottle of Flag beer: $2 at a supermarket.
• Electricity bill for an 85m² apartment using CIE (Ivorian Energy Company): $120/month.
• Monthly membership at Salle de Sport Gym in Treichville: $60.
• Ticket to a movie at Majestic Cinema in Marcory: $10.
• Cup of Ivorian coffee at a café in Plateau: $3.

Neighbourhoods

We want to show information in an easy-to-understand way. So, we made a table that outlines the different neighborhoods in Abidjan. For yields, prices and rents, check our property pack.

Life in Abidjan

Abidjan is the economic capital of Côte d'Ivoire and is the most important economic center in West Africa. It is a major financial hub and has a growing economy with industries such as manufacturing, finance, and services.

Based on the IMF's data, the GDP of Abidjan contributes to nearly 37% of Ivory Coast's GDP. Buying property in a rich city is smart because many jobs, people want homes there, and property values stay steady.

What expats usually like the most in Abidjan is the city's vibrant nightlife and the many outdoor activities it has to offer, such as fishing, boat trips and sightseeing.

A good point for a property investor - Abidjan has a mass rapid transit system called 'La Ligne' which opened in 2014.

Access to healthcare in Abidjan is limited due to a lack of resources.

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Renting out in Abidjan

If your intention is to buy a property not for personal use, but to rent it out and create income, then this section is for you.

Long-term

Tenant Profiles in Abidjan

If you decide to buy and rent out to long-term tenants, you should target expatriates, local professionals, and students in Abidjan. Additionally, there is also a growing demand for short-term rentals from tourists and business travellers.

Here is a little summary table we've made for you.

Rental yields

Nowadays, Abidjan offers some opportunities in terms of rental yields. Actually, you can easily achieve 7 or 8% due to the high demand for rental properties in the city.

Rental yields in Abidjan are typically highest for properties located in the city centre with good public transport links, as they tend to be in high demand from both business and leisure travellers. Properties in the more affluent neighbourhoods, such as Cocody and Marcory, also tend to have good rental yields due to their desirable location.

For further explanation and a more detailed breakdown, you can check the reports and analyses we have made.

Short-term

You could also decide to rent short-term to business travelers or vacationers visiting Abidjan for a short period of time. Additionally, expats and international students in the city could be potential tenants for short-term rental in Abidjan.

If you decide to go with that option, look for properties in Cocody and Yopougon. These areas are known for having a large selection of rental properties and they are close to the city center.

Currently, there are approximately 5,000 active Airbnb listings in Abidjan, reflecting a highly dynamic and bustling short-term rental market. The average daily rate is at $53.

You have the opportunity to generate some additional income stream then. According to online testimonials and analytics platform like AirDNA, Guesty and Inside Airbnb, people who offer short-term rentals in Abidjan can make around $400 per month. Also, the average occupancy rate is estimated at 29%.

Is it worth buying real estate in Abidjan then?

Buying a property in Abidjan can be a worthwhile investment if you're willing to navigate a market with both promise and pitfalls. On the positive side, Abidjan offers the potential for long-term growth as the economy is projected to expand, and the property price-to-rent ratio is favorable for those seeking steady returns.

High demand for rental properties, particularly in central areas with good transport links, can provide a reliable income stream. The diversity of property types caters to various investment strategies, and the city attracts a range of potential tenants, from expatriates to local professionals.

However, it's essential to approach this opportunity with caution. Ivory Coast's fragile state status introduces a degree of political instability and security risks. The property market can be volatile, subject to fluctuations influenced by economic and political factors.

Additionally, the bureaucratic hurdles involved in purchasing property, coupled with limited infrastructure in some areas, can complicate the process and impact property values. Furthermore, the city's healthcare resources are limited, which should be a concern for those planning to reside there permanently.

In essence, while Abidjan presents enticing prospects, it's crucial to conduct thorough research, assess your risk tolerance, and seek expert guidance before making a decision.

Make sure you understand the real estate market in Abidjan

Don't rush into buying the wrong property in Ivory Coast. Sit, relax and read our guide to avoid costly mistakes and make the best investment possible.

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The content provided here is for informational purposes only and does not imply endorsement or advice. While we strive for accuracy, we do not guarantee the completeness or reliability of the information, including text, images, links, or other elements in this material. Following the content and analyses presented here does not assure specific outcomes. For guidance tailored to your individual circumstances, it is recommended to consult with a professional, such as a lawyer, accountant, or business advisor.